Just wanted to say thank you for the highly discounted shares I just bought...and will continue to do so AH. BofA lowered to neutral, but $27/share is still way above the $22.65 I just bought these for!!
Also, if crack spread does improve...BofA's share outlook does also.
In this case buying in AH might not be best idea. Your looking at 13 Million shares in a public offering in a bear market for refiners. Best wait and see how well this is received. It's not like it's going to pop up a buck tomorrow with 13 million shares to sell. Then you have to think the timing of this offer after reporting and the price action today. Don't hang your hat on what BofA's thinking it's worth $27.00. Couple bucks more and your order two refiners with CVRR.
the drastically cut yield reflects the turnaround not just the crack spreads
trucking biz doing well
increased output derived from turnaround will help support margins going forward
insider selling offers opportunity to get shares cheap
although I personally am more into selling mar 14 17.5 puts, yield 12% annualized, to keep downside in mind- turnaround for all of october will put more pressure on shares as short term traders will sell it off again at some point